100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
WGU D196 PREASSESMENT EXAM D196 OBJECTIVE ASSESMENT EXAM TEST BANK COMPLETE 350 QUESTIONS AND CORRECT ANSWERS LATEST | click on ALSO AVAILABLE IN PACKAGE DEAL. You'll get more for less!" $19.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. WGU D196
  4.  
  5. WGU D196

Exam (elaborations)

WGU D196 PREASSESMENT EXAM D196 OBJECTIVE ASSESMENT EXAM TEST BANK COMPLETE 350 QUESTIONS AND CORRECT ANSWERS LATEST | click on ALSO AVAILABLE IN PACKAGE DEAL. You'll get more for less!"

1 review
 10 views  0 purchase
  • Course
  • WGU D196
  • Institution
  • WGU D196

click on ALSO AVAILABLE IN PACKAGE DEAL. You'll get more for less!" Great news! Discover affordable options that don’t compromise on quality. Explore our fantastic deals and enjoy extra details that make your shopping experience even better using OUR PACKAGE OFFERS. Happy shopping!

Last document update: 2 days ago

Preview 4 out of 135  pages

Document information

  • July 3, 2024
  • October 2, 2024
  • 135
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • WGU D196
  • WGU D196

1  review

review-writer-avatar

By: chrisbree20 • 2 months ago

Seller

avatar-seller
STUVIAGRADES

Reviews received

Content preview

Page 1 of 135



WGU D196 PREASSESMENT EXAM D196 OBJECTIVE ASSESMENT EXAM
TEST BANK COMPLETE 350 QUESTIONS AND CORRECT ANSWERS
LATEST 2024-2025


D196-Principles of Financial & Managerial Accounting PA

QUESTION: What is a transaction?

Two parties exchanging something of value

A type of commonly used accounting software

A category of merchandiser or retailer

An example of an online business document - ANSWER-Two parties exchanging something of
value




QUESTION: A company borrowed $80,000 cash from a bank.

How does this transaction affect the accounting equation of the borrowing company?

Assets increase by $80,000; liabilities increase by $80,000.

Assets increase by $80,000; owners' equity increases by $80,000.

Assets increase by $80,000; liabilities decrease by $80,000.

Assets increase by $80,000; revenues increase by $80,000. - ANSWER-Assets increase by
$80,000; liabilities increase by $80,000.




Page | 1

, Page 2 of 135


QUESTION: What is the impact of expenses on the accounting equation?

Expenses decrease liabilities.

Expenses increase liabilities.

Expenses decrease owners' equity.

Expenses increase owners' equity. - ANSWER-Expenses decrease owners' equity




How does this transaction affect the paying company's accounting equation?

Assets decrease by $5,000; liabilities increase by $5,000.

Assets increase by $5,000; expenses increase by $5,000.

Assets decrease by $5,000; expenses increase by $5,000.

Assets decrease by $5,000; revenues increase by $5,000. - ANSWER-Assets decrease by $5,000;
expenses increase by $5,000.




QUESTION: Which type of account are accounts payable and notes payable both examples of?




Liability

Expense

Asset



Page | 2

, Page 3 of 135


Equity - ANSWER-Liability




QUESTION: What is the purpose of the financial accounting cycle?




To turn information about transactions into financial statements

To gather information related to the expenses and income generated by a company

To produce and analyze a company's monthly bank statement

To collect confidential information for management to use as a competitive tool - ANSWER-To
turn information about transactions into financial statements




QUESTION: According to the accounting equation, the amount of liabilities and equity must
always be equal to another amount.

What is that other amount?

The sum of expenses and dividends

Cash

Assets

The sum of revenues and expenses - ANSWER-Assets




QUESTION: Which item is an expense item?

Cost of goods sold

Page | 3

, Page 4 of 135


Loans payable

Accounts receivable

Accounts payable - ANSWER-Cost of goods sold




What is an example of direct materials?

Cost of robotic equipment in making automobiles

Cost of sandpaper in making wood furniture

Cost of saws and hammers in constructing a house

Cost of aluminum in making an airplane - ANSWER-Cost of aluminum in making an airplane




QUESTION: What is the effect of a company's accounting department maintaining high ethical
standards?

The company can hire fewer accountants to do the same amount of work.

The company can report more favorable results in its financial statements.

The company's accounting information will increase in value.

The company's accounting information will decrease in value. - ANSWER-The company's
accounting information will increase in value.




QUESTION: Why might employees be interested in their company's financial accounting
information?


Page | 4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller STUVIAGRADES. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $19.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

77764 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Recently viewed by you

Summary ·

(0)

LO IEB Discursive Essay Notes
$19.99
  • (1)
  Add to cart